Cetera Trust Company N.A Has $593,000 Holdings in Eastman Chemical (NYSE:EMN)

Cetera Trust Company N.A cut its holdings in shares of Eastman Chemical (NYSE:EMN) by 29.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,293 shares of the basic materials company’s stock after selling 2,198 shares during the period. Cetera Trust Company N.A’s holdings in Eastman Chemical were worth $593,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of EMN. Capital Research Global Investors lifted its stake in shares of Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares during the period. Truist Financial Corp raised its stake in Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after buying an additional 617,889 shares during the period. DekaBank Deutsche Girozentrale raised its stake in Eastman Chemical by 318.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after buying an additional 534,081 shares during the period. Envestnet Asset Management Inc. raised its stake in Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after buying an additional 218,531 shares during the period. Finally, Earnest Partners LLC raised its stake in Eastman Chemical by 11.0% during the 1st quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock worth $220,478,000 after buying an additional 217,720 shares during the period. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Performance

Shares of NYSE:EMN traded down $0.82 during trading on Tuesday, reaching $107.00. 84,577 shares of the stock were exchanged, compared to its average volume of 940,937. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $114.50. The firm has a market cap of $12.59 billion, a PE ratio of 13.90, a PEG ratio of 0.83 and a beta of 1.44. The stock has a 50-day moving average price of $104.43 and a 200-day moving average price of $100.63. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the business earned $1.99 earnings per share. The company’s revenue was up 1.7% on a year-over-year basis. Research analysts expect that Eastman Chemical will post 7.67 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were paid a dividend of $0.81 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.03%. Eastman Chemical’s payout ratio is presently 41.75%.

Wall Street Analyst Weigh In

Several brokerages recently commented on EMN. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Royal Bank of Canada lifted their price target on Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research note on Friday, October 11th. Wells Fargo & Company lifted their price target on Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.20.

Eastman Chemical Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.